Ignis is famously called the world's first child chain. And before we dig further into it, let's understand what a child chain is. Blockchain technology has been implemented in cryptocurrencies because of the systematic design that provides a decentralized form of security. But despite that, the blockchain ecosystem had its loopholes and had fallen victim to various scams. With that setback, a next-generation blockchain technology was implemented by Ignis, which still operates on the larger model of the blockchain model. Child chains are designed to help the bigger blockchains to help with speed, security and scalability issues in the blockchain. And therefore, Ignis has gone on to become the first child chain under the Ardor network, which many Ardor followers have claimed to have waited for this since December last.
Ignis was released in the market as a test coin to study its behavior in the blockchain model. And even though it was just initially released as a test coin, it has proven to be a milestone for all cryptocurrency users and especially to Ardor users. When it was initially released, each token of Ignis cost $0.50, but a subpoena was presented by Bitfinex, which allowed for Ignis to get listed on Bittrex ever since its value shot up to $0.70 from $0.50 instantly. The airdrop of Ignis was announced, which is a method of dropping cryptocurrency tokens to distribute them evenly in a decentralized way. This has subsequently led to Bittrex users to gain access to this digital currency which made it value turn unexpectedly high while the prices of the other cryptocurrencies were going down exclusively. Over time, Ardor has not released any plans for this cryptocurrency, but so far, it has all the investors excited about the premise.
Ignis can be used with an Ignis wallet which can be downloaded on all systems through reliable websites. Once a user downloads the wallet, it syncs on to the system. Although the whole process of syncing may even take hours, once it completed syncing, the Ignis wallet is ready to use for any transaction anytime and anywhere. There are significant advantages to using an Ignis wallet, and it begins form storing all your funds in cold storage. This means that the funds in the wallet are safe from all kinds of external malicious attacks. Also, if the device gets stolen, the account can be frozen from any other device where you need your login password. There is additional security involved with using the wallet a well.
Some of the distinctive features of Ignis are:
1. Proof of Stake:
Ignis is a Proof of Stake (PoS) based cryptocurrency. PoS algorithm comes under the blockchain technology which aims to receive reliability because of the faulty systems and loopholes in the blockchain system. The main idea behind the implementation of PoS is to prevent attacks before they happen since recovering from an attack and covering damages would be more expensive and time-consuming.
2. Global Accounts:
When a user makes an account in a child chain, the account becomes global, and it is present in each child chain. Since Ignis is under the ARDOR network, an account will have coins present in the child chains of the ARDOR network. Assets can also be distributed globally over the whole network which means that it makes trading a lot easier when it comes to global trading.
3. Smart Phasing:
Ignis has a composite voting model which allows transactions to be performed using the Boolean gates, i.e., AND, NOT, and ARE gates.
4. Single Parent Chain:
Ignis is a child chain that is derivative of a single parent chain, and that is ARDOR.
The following points will highlight the benefits of Ignis:
1. Speed and Efficiency:
Another great benefit of using Verge Coin is its speed and efficiency that comes with its services. Since Verge Coin does not require any third party to complete a transaction, thus transactions happen in a breeze. A typical transaction in Verge Coin only requires five to ten seconds to complete, and the amount is instantly transferred to your digital wallet. Thus with Verge Coin, there is added speed and efficiency, thus saving its users a right amount of time and money.
2. Coin Shuffling:
It is a feature which is built for privacy by NXT technology. This feature allows the user to combine funds and assets through road mapping. This can allow users to have a more stable form of currencies and this can be done through external parameters with extra charges or through a centralized form of exchange feature.
3. Decentralized technology:
When a system is decentralized, it means that the system does not use a third party for transactions. When a centralized third party is not involved, it would mean that any transaction would take place between the Bitconnect system and the individual directly. This makes the system extremely safe and is a part of Blockchain technology.
Buying Ignis requires a simple process where a user needs to convert funds to Bitcoins (BTC) or Ether (ETH) first. After that, a person can head to a marketplace such as ‘Coinbase' that sells Ignis in exchange for BTC and ETH. Marketplaces are easy to use and understand, all that a user needs to do is to set up an account with a password. With a debit card or a credit card, one would be able to enter a specific amount of funds for the conversion to take place.
A different method would include setting up an account in NXT wallet which will perform all the conversion of funds to BTC and ETH for Ignis. This will also synchronize the wallet to the system on its own for additional security reasons. Ignis has a coin supply of 761,143,950, and its current value is $0.03874.
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